Peace of Mind in the Digital Age: Cyber Coverage

Would you agree with the statement that you feel better and more in control when you have backed your work up? Whether you're using a flash drive or an external hard drive to save your work, you know that it's safe from file corruption and file deletion! So why would you decide to forgo cyber coverage for your small business?

Cyber coverage offers the same benefits as that flash drive hanging from your keychain: it keeps your electronic dealings safe.

The Cyber Security Threat
A lot of small business owners make the mistake of thinking that cybercriminals only attack big and wealthy corporations for financial gain. According to Small Business Trends, a small business publication that offers advice to entrepreneurs and business owners, 43 percent of companies that experienced a cyber-attack in 2015 were small businesses. The truth of it is a hacker doesn't care how large or small your company is, if there is money to be had, they're going to come after you.

You are at Risk
Cyber insurance is really no different from your auto or homeowners insurance packages. Like your other policies, it protects you when the unexpected happens. Cyber insurance offers financial coverage in the event that your small business suffers a data and/or network breach. It offers financial assistance with litigation fees, server repair costs, civil suits and other fines and penalties. The International Risk Management Institute (IRMI) notes that cyber insurance also covers property and other liability costs, including computer fraud, cyber extortion, data/loss destruction and funds transfer loss.

Think about how frustrated you get when you leave your computer screen open on Facebook and one of your friends shares an embarrassing post. Everyone believes that you are the one who shared the message, but you aren't. Now imagine how it would feel if a complete stranger breached your business network and shut down your website, email and private server. If it felt like the friend who made up a silly Facebook post violated your space, how will it feel when a cyber attacker does it out of greed and malice?

Cybercriminals attack small businesses for a number of reasons, be it based on ethics or insatiability. They don't care who you are or how hard you have worked, what they care about is destroying your reputation and taking your business down.

Protecting What's Yours
There's no good reason not to invest in cybersecurity. At the start of your business, you may be concerned that paying for another service will only shrink your budget, keeping you from investing in other profitable endeavors. However, if a hacker gets into your network system and destroys your data, your budget will be all for nothing. Doesn't it make more sense to pay a little bit now for coverage that can save your business later? Cybersecurity is built to protect your business, not put strain on it.

Cybersecurity is a necessity for the 21st century small-business owner. Visit to get a quote on cyber insurance for your business today.

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